According to the filing, Borders hopes to announce a stalking horse bidder by July 1 and an auction for the company's assets by July 19. Borders wishes to be sold intact to any bidder, so that the chain can remain in business if U.S. bankruptcy court judge Martin Glenn approves a potential sale by the end of July.

It's a quick turn of events for Borders. As the company's bankruptcy attorneys at Kasowitz, Benson, Torres & Friedman wrote in the filing on Friday, "the going concern sale process has gained significant momentum in recent weeks, and the debtors are encouraged that one of the parties presently negotiating with the debtors will emerge as the successful buyer."

Kasowitz Benson's latest application for compensation in the Chapter 11 case reveals the billing rates for name partner and bankruptcy chair David Friedman ($950 per hour) and his team comprised of bankruptcy partners Andrew Glenn ($825), Jeffrey Gleit ($640), David Rosner ($875), Adam Shiff ($825), Robert Novick ($775), and special counsel Alan Lungen ($625), along with corporate partners Michael Rosenbloom ($675) and Barry Rutcofsky ($650).

Baker & McKenzie, which is serving as special corporate counsel to Borders, has billed for $261,800 in fees and expenses in the case through May 31, according to court filings by the firm earlier this month and again on Tuesday. Corporate partner Craig Roeder ($710) and consulting counsel Pauline Doohan ($570) in Chicago are leading a team from the firm on the matter.

Dickinson Wright is serving as special counsel to Borders on supplier, vendor, and leasing matters. Court filings show the firm has billed for roughly $400,000 in fees and expenses in the case through May 31. Bankruptcy partners Michael Hammer ($465) and Kristi Katsma ($370), banking and finance partners Colleen Shevnock ($405) and Katheryne Zelenock ($435), and real estate of counsel Sara Engle von Bernthal ($345) are heading up the team from Dickinson Wright, which has also reduced some of its fees in response to objections by the U.S. trustee.

Lowenstein Sandler partners Paul Kizel, Bruce Buechler, and Bruce Nathan are serving as lead counsel to Borders's official committee of unsecured creditors. Court records show the firm has billed for about $853,083 in fees and expenses from February 24 through April 30.